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Tag: CBN

New naira note: CBN insist on January 31st deadline
Banking

We’re not hoarding new naira, banks debunk CBN’s claims

Oluwanifemi Ojo   Commercial bank operators in Nigeria have disputed assertions made by the Central Bank of Nigeria that they are hoarding naira notes despite having enough supply.   The claims of the Central Bank of Nigeria were countered by the officials of commercial banks that appeared before the ad hoc committee of the House […]

News

How CBN raised interest rate from 11.5% to 17.5% in eight months

  The Central Bank of Nigeria has raised its benchmark interest rate five times since May 2022. The bank had retained its 11.5 percent interest rate for six years before the consecutive increases that happened from May 2022 to January 2023. During this period, the Monetary Policy Rate was raised from 11.5 percent benchmark to […]

Senate ask CBN to extend deadline of new naira note
Banking

Extend old, new naira deadline, NLC urges CBN

Wilson Adekumola     President of the Nigeria Labour Congress, Comrade Ayuba Wabba, on Thursday, has urged the Governor of Central Bank of Nigeria, Godwin Emefiele to extend the date for the expiration of old naira notes adding that it would affect the lives of people in the rural areas.   Comrade Wabba made this […]

Monarchs begs CBN to extend old naira deadline
Economy

CBN raises interest rate to 17.5%

  The Central Bank of Nigeria has raised the Monetary Policy Rate, which measures the interest rate to 17.5 per cent. The CBN Governor, Godwin Emefiele, announced this after the apex bank’s Monetary Policy Committee meeting in Abuja on Tuesday. Channels reported that the MPC raised the monetary policy rate by 100 basis point to […]

CBN fines banks N1m daily over refusal of new naira
Banking

New naira: 50% unbanked Nigerians may lose savings, says report

Oluwanifemi Ojo   A new report by the Inclusion for all Initiative predicts that over 50 percent of Nigerians without access to banking services could lose their savings as the deadline for the naira exchange announced by the Central Bank of Nigeria approaches.   The CBN Governor Godwin Emefiele, announced the introduction of the new […]

New naira note: CBN insist on January 31st deadline
Business

New naira: Customers flood Kebbi bank one week to CBN deadline

  As the deadline for the use of old naira notes draws closer, some customers in Birnin Kebbi, Kebbi State capital, on Monday, flocked to banks to deposit or withdraw cash and voiced concerns about the new naira notes’ limited availability. According to The Punch, many customers complained that they have been there for more than […]

Monarchs begs CBN to extend old naira deadline
Economy

MPC meets over interest rate hike

  The Monetary Policy Committee meeting of the Central Bank of Nigeria is expected to meet on Monday to proffer solutions to the recent rise in interest rates. According to The PUNCH, the meeting is expected to hold between the 28th to 29th in Abuja. Cordros Securities analysts expect a rate hike after the meeting, […]

New naira note: CBN insist on January 31st deadline
featured

CBN takes new naira awareness to Calabar markets

The Central Bank of Nigeria has expanded its awareness-raising effort to key markets in the Calabar city in advance of the January 31, 2023 deadline for the usage of obsolete Naira notes. The effort to raise awareness was organized by Branch Controller for CBN Calabar, Glory Iniunam. She clarified that the purpose of the activity […]

Kogi residents lament scarcity of new naira note
Economy

New naira notes’ll enhance Nigeria’s economy – CBN

    The Central Bank of Nigeria emphasised on the economic benefit of the new note as sensitisation intensifies following the closeness of the deadline to phase out the old notes draw near. The CBN has mobilised members of the team to Shasha Market, in Akure North Local Government Area of Ondo State to enlighten […]

Monarchs begs CBN to extend old naira deadline
Banking featured

Monarchs begs CBN to extend old naira deadline

Oluwanifemi Ojo   The OkuIbom Ibibio and President General of Akwa Ibom State Traditional Rulers Council, Edidem Solomon Etuk, appealed to the Central Bank of Nigeria to extend the deadline announced for the phasing out of the old bank notes. The monarch told the Branch Controller, Central Bank of Nigeria, Uyo branch, Akwa Ibom State, […]

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